Bitcoin has recently come off its recent price decline to register a new surge which has seen the digital asset touch above $50,000. Even though it was resisted twice, which saw it fall close to $47,000, the digital asset has since gone on to register a price close to $50,500. Despite the asset going down more than it is coming up recently, analysts are still of the opinion that the bulls will jump into the market soon. Before Bitcoin touched this recent high, the digital asset experienced a downward trend described as a price correction. The price of the asset went between $48,000 and $44,000 as volatility set in.
Bitcoin edges closer to $52,000
Although many sell-offs to trigger the price below the $44,000 support level, the digital asset failed to succumb to the bears. The coin has also been projected to continue its upward movement after the last bounce back above the resistance level. With the market already above $50,000, the digital asset would be aiming to cross over into the $52,000 zone.
Despite the asset going up, the bears might become the obstacles that the asset would encounter as it aims to make a run for the top. If the $52,000 zone is easily cleared, the asset will aim to reach the $58,000 zone. As it stands now, buyers hope their activities are enough to push the coin close to the next resistance level. The Fibonacci level also shows that the buyers have added pressure to push the asset above the $50,000 prove mark.
Car dealer to start accepting crypto for payments
In other news, crypto holders have been given a major boost across North America as they have been provided with a way to use their digital assets to buy a car. Located in Quebec and Florida, the car company has said that they have started accepting payments via digital assets to purchase their cars. In the latest reports, the company has sold over 500,000 cars in the last 25 years. Presently, the company says it has a warehouse filled with cars totaling over 1,000.
The company also mentioned that it also had used cars in store, ranging from normal Hyundai’s to Lamborghinis. Users who wish to buy the car for leisure or sport. The company says that it has one of the most extensive vehicle holdings across the whole country. In their statement, the dealership mentioned that they decided to start accepting the payments because they want to provide their customers with the flexibility to use other payment methods. The company also mentioned that they were hoping to keep their funds in the digital assets.